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Convertibles Calendar
On The Horizon
ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol "ALLY"; bank holding company focused on auto financing based in Detroit.
BARCLAYS PLC: $2 billion contingent convertible perpetual securities; price talk around 8.25%; callable Dec. 15, 2018 and every five years thereafter; Barclays (bookrunner); Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., SMBC, UBS Securities LLC and Wells Fargo Securities LLC (lead managers); London-based bank.
International Convertibles
NATIONAL AUSTRALIA BANK: A$750 million of floating-rate noncumulative convertible preference shares II; price talked at Bank Bill Rate plus 325 basis points to 340 bps; convertible or redeemable Dec. 17, 2020 or upon the occurrence of a loss absorption event; mandatorily redeemable Dec. 19, 2022 or in the event of an acquisition event; proceeds for general corporate purposes.
SINA CORP.: Up to $600 million of convertible senior notes due 2018; $90 million greenshoe; convertible at any time prior to the second business day immediately prior to maturity; redeemable Dec. 1, 2016; proceeds for a stock repurchase offering and general corporate purposes; Shanghai-based internet media company.
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